Africa
One in five smaller central banks lacks fining powers
Respondents still widely manage FX reserves and act as lender of last resort
Central Bank of West African States eases policy by 25bp
BCEAO says negative inflation prompted decision, but expects prices to rise in 2026
Zambia publishes list of banks with deposit protection
Disclosure by central bank follows establishment of long-delayed insurance scheme last October
Less than half of central banks engaged in tokenisation work
Respondents widely consider bonds for tokenisation, among other asset class
Central banks divided over stablecoin impact on US debt demand
Respondents offer different views on adoption paths and market dynamics
Two-thirds of central banks predict CBDC adoption in 5–10 years
Stablecoin launches seen as more likely by authorities without CBDC mandate
Most circulating stablecoins pegged to the greenback
Jurisdictions with stablecoins in use are largely high and upper-middle income countries
Financial stability seen as top risk from private digital money
Concerns differ somewhat by region
Majority of CBDCs designed to be domestic only
But a fifth of central banks are working on multi-currency CBDCs
Central banks report 28 operational bitcoin ATMs on average
Jurisdictions with larger institutions have the most machines
CBDCs politicised in one in five jurisdictions
Public and private sectors mostly concerned about privacy of digital currencies
Fintech licences issued yearly remain below 10 on average
Number of fintechs in operation averages just over 60
Central banks keep trialling link between wCBDC and RTGS
Most respondents motivated to issue wCBDC to enable financial innovation
Egypt cuts rates by 100bp and lowers reserve requirements
Central bank continues to reverse tight monetary policy stance as inflation gradually declines
Majority of central banks still lack CBDC issuance powers
Legal mandates are scarce in both larger and smaller central banks
People: Change at the top in South Sudan
Plus new appointments in Austria, Romania and at the ECB
Nigeria opens up official dollar market to bureaux de change
Move aims to strengthen retail FX liquidity and close spreads with exchange rate in informal economy
Two in five CBDCs designed to be programmable
Over half of respondents’ retail CBDC projects are at research phase
Zambia cuts rates by 75bp to 13.5%
Inflation expected to fall to within target range by next quarter, central bank governor says
Working group minutes: strategic planning structures
Central banks are adapting their strategic planning functions and adopting digital tools